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This page
contains
the full text of the
Schedule
of Fees, Fines and Penalties
____________________________________________________________________
MEMORANDUM
CIRCULAR NO. 17, Series of 2002
SCHEDULE
OF FEES, FINES AND PENALTIES
TO : All
Government
Securities Eligible Dealers (GSED)
SUBJECT
: Schedule of Fees, Fines and Penalties
To
ensure an orderly, efficient, transparent and fair
government
securities (gs) market, and pursuant to Rule 13.3.1 (c) of the Amended
Rules Governing Secondary Market Trade of Government Securities, the
Securities
and Exchange Commission, hereby adopts the following schedule of fees,
fines and penalties for Government Securities Eligible Dealers (GSED):chanroblesvirtuallawlibrary
|
1.
Fees
|
Date
of
filing
|
Amount
|
| New
Registration |
|
|
|
Head
Office
|
|
P
50,000 + other fees |
|
Branch
Office
|
|
10,000
+ other fees
|
| Renewal |
November
2
|
|
|
Head
Office
|
|
P
20,000 + other fees |
|
Branch
Office
|
|
5,000
+ other fees
|
2.
Fines and Penalties
|
|
Basic
Penalty for Violation
|
|
| Violations
|
First
Offense
|
Second
Offense
|
Third
Offense
|
Penalty
for every day during which the violation continues
|
|
a)
Failure to indicate Value Received (VR) on the trade transaction
|
1/5
of 1% of the aggregate price or value of securities transacted but not
less than P3,000.00
|
2/5
of 1% of the aggregate price or value of securities transacted but not
less than P5,000.00
|
3/5
of 1% of the aggregate price or value of securities transacted but not
less than P10.000.00
|
P100.00
|
|
b)
Cancellation of trade transaction due to double encoding of
transaction,
i.e. sale, purchase, earmarking.
|
P3,000.00
|
P5,000.00
|
P10,000.00
|
P100.00
|
|
c)
Late and/or non-reporting of gs trades to clients.
|
P3,000.00
|
P5,000.00
|
P10,000.00
|
P100.00
|
|
d)
Erroneous encoding of trade details i.e. value date, account no.,
dealer
code, ISIN, face value, tenor, counterparty's name.
|
P1,000.00
|
P2,000.00
|
P3,000.00
|
P100.00
|
|
e)
Other violations determined by the BTr
|
P1,000.00
|
P2,000.00
|
P3,000.00
|
P100.00
|
This
memorandum circular shall take effect immediately.cralaw:red
November
29, 2002, Mandaluyong City, Philippines.
LILIA R.
BAUTISTA
Chairperson
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